First Time Home Buyers

NJHMFA Announces the
Live Where You Work Program is
Now Available in Voorhees!

Voorhees Mayor Michael Mignogna joined representatives of the New Jersey Housing and Mortgage Finance Agency (HMFA) to announce that the city is the newest member of the Live Where You Work program. Voorhees is the 28th municipality to partner with the HMFA on this workforce housing initiative.

We at the HMFA are proud to add Voorhees to our list of participating municipalities. Check out the complete press release here, and see photos from the event here.

Welcome, Voorhees!

What is the Live Where You Work Program?

Live Where You Work (LWYW) is a special homebuyer incentive program for people who want to buy a home in the town where they work. It is a fair, reliable, fixed rate mortgage loan for first-time and urban homebuyers.

The goal of LWYW is to build stronger communities by promoting homeownership and encouraging people to live closer to their jobs. This, in turn, will reduce the need for cars and increase the use of alternative transportation such as walking, biking and public transit.

If you would like to buy a house in the town where you currently work, then LWYW might be right for you. Employees benefit from attractive mortgage rates, more flexible loan application review and underwriting criteria, and reduced commuting times to work. Municipalities benefit from having a committed workforce living nearby, and the activity and economic vibrancy that comes with people living near where they work.

Benefits of the Live Where You Work Program

5% downpayment and closing cost assistance at 0% interest that is forgiven if the homeowner lives in the home for 4 or 7 years depending on income
More flexible underwriting (relaxed debt to income ratios in recognition of the cost savings of not having to commute to work)
Competitive first mortgage rates

For more information, visit our Live Where You Work website or call 1-800-NJ-HOUSE

The Live Where You Work Municipalities

About the NJHMFA

New Jersey Housing and Mortgage Finance Agency (HMFA) is dedicated to increasing the availability of and accessibility to safe, decent and affordable housing to families in New Jersey. In some cases this may mean working with traditional affordable housing developments, serving New Jersey's most needy families. In other instances it is working with first-time homebuyers, senior citizens in senior and assisted living facilities, and/or the disabled in our special needs communities. In every situation HMFA is committed to make quality housing available at costs affordable to New Jersey residents.

HMFA recognizes that housing is developed within a community context. If we are to build strong quality houses we must also work to create healthy, safe and vibrant communities. It is clear that housing and families both influence and are influenced by the communities in which they reside. To this end HMFA works to insure that our investments leverage existing community resources and enhance market value and community well being.

New Police & Fire Program Rate

The new rate for the Police & Fire Program is 4.66% effective 2/15/10. The program is still only open for purchase money mortgages (first time homebuyers & trade-up buyers). Refinance applications are still closed in this program. Please distribute to your appropriate personnel.

NJHMFA "PREFUND" PROGRAM

The Star Ledger recently published an inaccurate article which mistakenly stated that the New Jersey Housing and Mortgage Finance Agency (HMFA)'s Prefund Tax Credit Loan Program was put on hold. This program is still available to assist qualified first time homebuyers with downpayment and closing cost assistance.

The New Jersey Housing and Mortgage Finance Agency (HMFA) has started this new loan program that will allow its first-time homebuyers to take immediate advantage of a federal tax credit for people buying their first home. Eligible households can get a loan of up to $5,000 in anticipation of receiving a federal tax credit shortly after filing their tax returns.

Qualified persons who purchase a home for the first time by Dec. 1, 2009, are eligible for up to an $8,000 federal refundable tax credit under the economic stimulus plan President Obama signed into law earlier this year. But homebuyers don't get the tax refund until after filing their tax returns. The HMFA, wants to give people participating in its Homebuyer Mortgage Program the opportunity to get an advance on their credit in the form of a "PreFund Loan."

Income eligible homebuyers will receive a TCLP Prefund loan, which is essentially a zero percent bridge loan that the homebuyer will pay back once they receive their federal tax refund, after filing their federal tax returns. The TCLP Prefund loan must be used for down payment and/or closing costs. The home owner may combine the TCLP loan with the HMFA's down payment and closing costs program known as Smart Start to further assist with their down payment and closing costs.

To apply for these funds together with an HMFA First Time Home Buyer Mortgage click here or call 1-800-NJ-HOUSE.

http://www.state.nj.us/dca/hmfa/

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